Local share market bounces back despite losses in overseas markets

The Australian share market has ended the week on a positive note, despite losses posted across the United States, Europe and Asia.

Despite the gains, three days of losses at the start of the week mean shares were still down on this time a week ago.

The All Ordinaries index rose 0.4 per cent, closing up 20 points at 5,475, while the ASX 200 index gained 22 points to 5,487.

Qantas shares surged 6.6 per cent on reports it will spin-off the frequent flyer side of its business.

Market heavyweight Telstra gained 0.75 per cent.

Mining companies made more modest gains, with BHP Billiton rising just under 0.5 per cent but rival Rio Tinto slipping 0.4 per cent.

Fortescue Metals Group fell around 0.25 per cent after reporting its full-year iron ore shipments were marginally below forecast.

The major banks all gained ground, with National Australia Bank making the biggest gain of 0.8 per cent.

Westpac and ANZ both gained 0.6 per cent.

Commonwealth Bank rose 0.5 per cent as the bank announced retired High Court Justice Ian Callinan will oversee its review of financial planning customers who were ripped off over a period of nearly a decade.

A Senate report released last month said the losses amounted to hundreds of millions of dollars.

Official housing finance data showed the value of loans taken out to buy homes fell in May by 0.8 per cent to just under $27.5 million.

The fall was greater for housing investors than owner-occupiers.

The Australian dollar has strengthened during the day.

At about 5:00pm (AEST) it was buying 93.86 US cents, 68.96 Euro cents, 54.79 British pence, 95.05 Japanese yen and $NZ1.06.

West Texas intermediate crude oil is worth around $US103.51 a barrel, and Tapis crude oil in Singapore was trading around $US109.55 a barrel.

Free trade is the oldest argument in federal politics and the issue that literally defined the federation era but opposition exists to the TPP, courtesy of the Investor-State Dispute Resolutions clause.